Monday, March 30th8.9°C
25326
24285

Centerra threatens to close Kumtor if Kyrgyz Republic authorities don't OK plan

TORONTO - Shares in Centerra Gold Inc. (TSX:CG) plunged Monday after the company said it will shut down its Kumtor project if it doesn't receive long-awaited approvals from Kyrgyz Republic authorities by the end of next week.

The stock was down 97 cents or 21 per cent at $3.64 cents in trading on the Toronto Stock Exchange after the company announced the plan.

The company said it has been working unsuccessfully with government offices in the central Asian country since late last year to obtain the necessary approvals and permits for the mine.

"The continuing absence of such approval and permits creates significant uncertainty and risks for Centerra and its employees," Centerra said.

The company said if it does not receive the approval of its 2014 annual mine plan and related operating permits by the close of business on June 13, it will shut down the mine and mill operations.

Workers will continue with environmental and safety monitoring, security and essential maintenance of the mill and mine equipment.

In addition to Kumtor, Centerra owns the Boroo mine and Gatsuurt development property in Mongolia.

The Canadian Press


Read more Business News

25670


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0002
Gold1196.30-8.80
Oil48.42-0.45
Lumber282.60-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 



25607

FEATURED Property
2218952#509-654 Cook Road
1 bedrooms 1 baths
$249,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


25342